Bitcoin miner CleanSpark announced today that it has entered an agreement to acquire GRIID Infrastructure in an all-stock transaction valued at $155 million.
Bitcoin miner CleanSpark (NASDAQ:CLSK) announced today that it has entered an agreement to be acquired by GRIID Infrastructure in an all-stock transaction valued at $155 million.
The merger agreement also saw the two Bitcoin mining companies seal an exclusive hosting agreement for all of GRIID’s currently available power. 20 MW of this power will be immediately allocated to CleanSpark.
“We are looking forward to welcoming the CleanSpark team into the GRIID family and we are excited to apply the GRIID way, carefully honed alongside the communities we operate in Tennessee, to CleanSpark’s impressive pipeline in Georgia,” GRIID CEO Steve Bohannon said in a statement.
GRIID eyes 400 MW by 2026
GRIID, which has closed other deals before, expects to build out its operations in Georgia over the next three years. This should see the miner reach operational capacity it managed in Tennessee over the same period.
“That achievement was to build out over 400 MW of infrastructure backed by valuable, long-term power contracts,” Bohannon noted.
The miner targets surpassing 100 MW in Georgia by the end of this year, 200 MW in 2025 and over 400 MW in 2026.
Deal expected to close in Q3
The acquisition has already received unanimous approval from the Boards of Directors of both companies.
As such, they expect the deal will close in Q3, 2024. However, this is still subject to approval by GRIID shareholders as well as other customary closing conditions.
GRIID’s acquisition of CleanSpark comes as another Bitcoin miner Riot Platforms’ plans to take over Bitfarms hit a snag. In the latest development around the saga, GRIID has reportedly decided to go for an overhaul of the Bitfarms’ board by taking up three seats.
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